D.A. Davidson Reiterates Buy Rating, $35 PT on Banner Corporation
In a report published Friday, D.A. Davidson & Co. reiterated its Buy rating and $35.00 price target on Banner Corporation (NASDAQ: BANR).
D.A. Davidson noted, “The company intends to redeem the remaining 30.0k shares of its outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A effective on December 24, 2012. BANR will redeem the shares from a third party who participated in the March 2012 Dutch auction conducted by the U.S. Treasury. The company will pay full-face value ($1,000 per share), plus any accrued or unpaid dividends that have been earned up to, but not including, the date of redemption. Total cost of the redemption is expected to be ~$30.2 million. The company also disclosed 43.4k shares were repurchased in the current quarter prior to the redemption announcement. We assume the repurchase discount was slightly under 1%, based on the blended repurchase discount figure provided.”
Banner Corporation closed on Wednesday at $30.00.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.